XPO Logistics to Acquire New Breed Logistics and Completes Acquisition of Atlantic Central Logistics - Seite 3

Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said, "We're making a transformational move in acquiring New Breed - one that gives us critical mass and elevates our service offering. We'll be able to deliver integrated, end-to-end logistics solutions for any company, of any size, with any combination of transportation needs. New Breed is a jewel in the crown of contract logistics: a world-class provider entrusted with critical services by some of the most prestigious corporate names in America. We'll gain leadership in one of the most financially attractive sectors of contract logistics, and we'll use our new platform to engage customers in our broader offering, just as we've done over the past 12 months with our acquisitions of 3PD, NLM and Pacer. When the transaction is complete, we'll have an IT workforce of more than twice its current size, and about 10,000 employees at over 200 locations."

The company has obtained commitments from Credit Suisse AG, Morgan Stanley Senior Funding, Inc., Citigroup Inc. and Deutsche Bank AG for a total of up to $645 million in senior secured term loan facilities to fund the New Breed transaction and general corporate purposes, including potential future acquisitions. The transaction is not conditioned on financing.

Credit Suisse Securities (USA) LLC is serving as financial advisor to XPO Logistics, and Wachtell, Lipton, Rosen & Katz is acting as legal advisor. Morgan Stanley & Co. LLC is serving as financial advisor to New Breed, and Willkie Farr & Gallagher LLP is acting as legal advisor.

ACL Acquisition

On July 28, 2014, the company completed its acquisition of Atlantic Central Logistics for a cash purchase price of $36.5 million on a cash-free, debt-free basis, and excluding any working capital adjustments. ACL had revenue of $63 million and adjusted EBITDA of $6.2 million for the trailing 12 months ended June 30, 2014. The value of the transaction represents a consideration of approximately 5.9 times trailing 12 months adjusted EBITDA.

Founded in 1980, ACL provides last mile logistics through approximately 200 contracted carriers and 160 employees at 14 East Coast locations. ACL focuses on serving the burgeoning demand for e-commerce fulfillment by facilitating the time-sensitive, local movement of goods between distribution centers and the end-consumer.

Karl Meyer, chief executive officer of XPO Last Mile, said, "The acquisition of ACL expands our presence in the high-growth e-commerce sector, where we manage more last-mile deliveries of heavy goods than any other logistics provider. ACL's delivery patterns complement those of XPO Last Mile, allowing us to leverage capacity as we increase our volume. We welcome the ACL team to XPO Last Mile, where our combined expertise will be a compelling value to retailers and their channel partners."